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Category: Ag Issues in Washington

  • Posted By Dairy Farming
    4 hours ago

    https://www.farmprogress.com/dairy/usda-extends-dmc-deadline

    Posted By Ag Policy
    4 hours ago

    https://www.ag.ndsu.edu/news/newsreleases/2019/dec-2-2019/arc-ic-could-be-an-option-for-2019

    Posted By Ag Policy
    Dec 10

    https://www.agriculture.com/news/farm-labor-reform-bill-heads-for-house-vote-this-week

    Posted By Ag Policy
    Dec 9

    https://www.farmprogress.com/trade/7-trade-missions-planned-2020

    Posted By Ag Policy
    Dec 6

    https://www.dtnpf.com/agriculture/web/ag/news/article/2019/12/06/chinese-officials-agree-waive-pork

    Posted By Tyler Davis
    Dec 5

    https://agfuse.com/article/tax-agriculture-tax-planning-strategies-for-year-end-2019-part-2

    Tax Agriculture Tax Planning Strategies for Year End 2019 – Part 2

    By Tyler Davis

    Published Dec 5

    This is the second of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for year-end 2019. Part I, published on AgFuse in November of 2019, focused on planning opportunities for farmers with higher than expected earnings in 2019 while Part II focuses on tax planning opportunities for farmers with lower than expected current year performance. Farmers tend to think that tax planning opportunities are only available in high-income years or when they close on a big transaction (selling your property, selling a large amount of stock for a capital gain, etc). However, just as tax planning is essential in those situations, it is also critical to consider tax planning strategies during a down year. One of the major goals in this scenario is to avoid a tax loss for the year because the new loss rules in effect for farmers are much different than they were before the passage of the Tax Cuts and Jobs Act of 2017...

    Categories: Ag Issues in Washington, Agribusiness

    Posted By Sam Carter
    Oct 18

    https://agfax.com/2019/10/15/usda-opens-2020-enrollment-for-arc-plc-programs/

    Posted By Tyler Davis
    Nov 1

    https://agfuse.com/article/key-agriculture-tax-planning-strategies-for-year-end-2019-part-1

    Key Agriculture Tax Planning Strategies for Year End 2019 – Part 1

    By Tyler Davis

    Published Nov 1

    This is the first of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for farmers and agriculture businesses for year-end 2019. Part I focuses on when a farming taxpayer has higher than expected earnings in 2019 while Part II, which was published on AgFuse. com in early December 2019, focuses on tax planning opportunities when a farmer has lower than expected current year performance. When considering tax planning opportunities for year-end 2019, taxpayers should first take a step back and analyze their current year performance. Were your current year earnings higher than expected, or were they lower than expected? How did your crop perform this year relative to prior years? Did you have any unexpected or non-recurring gains or losses during the year? These are all great questions to be asking your CPA as you move into these critical final two months of 2019...

    Categories: Ag Issues in Washington, Agribusiness

    Posted By Tyler Davis
    Oct 6

    https://agfuse.com/article/the-tax-benefits-of-conservation-easements

    The Tax Benefits of Conservation Easements

    By Tyler Davis

    Published Oct 6

    Conservation easements have grown in popularity in recent years, partly due to the impactful tax benefits available to the donor. A conservation easement is a restriction on the use of land, voluntarily granted by the landowner to a conservation organization or to a government sponsored entity. The general rule for permanent conservation easement donations is that the property owner can take a charitable contribution tax deduction on their return for the difference in the fair market value of the land before the conservation easement and after the conservation easement. Currently, the donor can take a conservation easement charitable deduction of up to 50% of their taxable income in a given year. Should the value of the conservation easement charitable deduction exceed this taxable income threshold in the first year (because of lower than expected earnings or simply because of the size of the deduction), the taxpayer can use the remaining deduction over a fifteen-year carryforward period (no carryback is allowed and the same 50% taxable income limit applies during the carryforward period)...

    Categories: Ag Issues in Washington, Agribusiness

    Posted By Tyler Davis
    Sep 11

    https://agfuse.com/article/top-10-accounting-amp-tax-benefits-for-farmers-amp-farming-businesses

    Posted By Tyler Davis
    Aug 2

    https://agfuse.com/article/1031-exchanges-and-farm-land-5-things-that-landowners-need-to-know
    https://agfuse.com/article/ag-health-and-safety-alliance

    Posted By Benjamin Pezzillo
    Feb 28

    https://agfuse.com/article/the-opportunity-in-opportunity-zones

    Posted By Kayla Hedrick
    Sep 18, 2018

    https://agfuse.com/article/will-changes-in-trade-and-low-commodity-prices-bring-1980-2-0-

    Posted By Kayla Hedrick
    Aug 4, 2018

    https://agfuse.com/article/farmers-push-for-trade-not-aid

    Top 10 Accounting & Tax Benefits for Farmers & Farming Businesses

    By Tyler Davis

    Published Sep 11

    Farmers and Agribusiness Companies are granted certain tax breaks and industry-specific deductions from the IRS. The service understands both the complexities and constraints of farmers as well as their essential role in our nation's economy. I have listed out the top ten most important tax benefits, accounting methods, and tax deductions related to farmers. 1. Farms with less than $25 Million of Average Gross Receipts can use the Cash Basis of AccountingCompanies, including farms, with less than $25 million in average annual gross receipts for the past three years, can elect to use either the cash or accrual method of accounting...

    Categories: Ag Issues in Washington, Agribusiness

    1031 Exchanges and Farm Land: 5 Things that Landowners Need to Know

    By Tyler Davis

    Published Aug 2

    A 1031 Exchange is a tax-deferred swap program in which farmers and others in the agriculture industry can participate. Farmland, vacant land, and certain agriculture assets are considered real estate assets under the Internal Revenue Code. As much, farmers and others are able to utilize Internal Revenue Code (IRC) Section 1031 in order to defer tax upon the disposition of farmland and acquisition of a “like-kind” piece of property. Section 1031 exchanges, which originally began in the 1920’s, have seen numerous tweaks and changes over the years to get us to the rules that are in place today. IRC Section 1031 allows a taxpayer to defer (not avoid) capital gains taxes realized upon the disposition of a property if the taxpayer replaces the property with a “like-kind” asset of equal or higher value...

    Categories: Ag Issues in Washington, Agribusiness

    Ag Health and Safety Alliance

    By David Sullivan Ag Safety

    Published May 3

    We are an international nonprofit organization, registered in the US and Canada, that focuses on health and safety for the next generation of agriculture We collect this data via a survey completed by students. With our international standardized survey we can now compare students from US, Canada, Australia, Denmark and Sweden. Doing our part to help protect the most noble industry on this planet. ...

    Categories: Ag Issues in Washington, Agribusiness

    The Opportunity in Opportunity Zones

    By Benjamin Pezzillo

    Published Feb 28

    By now you have probably heard about Qualified Opportunity Zones. But did you know QOZs are not limited to the urban core?QOZs were chosen by local and state officials out of each individual state's Low Income Census Tracts. Each state's lists was submitted to the federal government for review and approval. California's approved list was released in Q2 2018. So what are the benefits of investing capital gains in property in a QOZ?-- Deferral of Capital Gains Tax owed-- Elimination of Capital Gains Tax liability on future Capital Gains from the investment in a QOZSo what's the catch?-- The subject property must be located within a Qualified Opportunity Zone (QOZ)-- Ownership of the property must transfer to a special purpose vehicle called a Qualified Opportunity Zone Fund-- The original property owner may be limited in the equity they can hold in the QOZ project-- To maintain QOZ status, the project must make substantial improvements to the property within 30 months of acquisition by the QOZ Fund-- Substantial improvements must be equal to or greater than the cost basis for the subject property-- For maximum Capital Gains Tax shelter, the QOZ Project must operate for 10 years and one dayGot questions or want to know if your property is located in a QOZ? I am happy to chat...

    Categories: Ag Issues in Washington, Agribusiness

    Will Changes in Trade and Low Commodity Prices Bring 1980 2.0?

    By Kayla Hedrick

    Published Aug 28, 2018

    The average age of a farmer in the United States today is over 58 years. It’s a well-used stat, one often cited with concern over transitions in U. S. farm ownership. However, the aging farmer population may actually benefit agriculture in the near term as we approach what many suggest will be another farm crisis reminiscent of the last major crisis in the 1980s...

    Categories: Ag Issues in Washington, Corn, Soybeans

    Farmers Push for Trade, Not Aid

    By Kayla Hedrick

    Published Aug 3, 2018

    While the Chinese retaliatory tariffs and the resulting implications have been discussed among agriculture circles for months, perhaps the news that has caused the most conversation among farmers and the general public is the $12 billion aid package announced by President Trump in late July. What’s often missing in the conversation is that the $12 billion will not all come in the form of direct payments to farmers, nor go to one specific commodity. The package does, in fact, include direct payments to seven crops; but it also includes purchase of foods (fruits, nuts, meat, dairy) for food banks and nutrition programs and trade promotion to develop new markets. Most farmer organizations have thanked the administration for the support, but noted that it is merely a band aid for a hemorrhaging market. For example, a mid-sized, 1,000-acre soybean farmer may receive a $10,000 direct payment from the USDA, but – depending on how he or she marketed their grain – they could have already lost $100,000...

    Categories: Ag Issues in Washington, Agribusiness, Soybeans

  • Tax Agriculture Tax Planning Strategies for Year End 2019 – Part 2

    By Tyler Davis

    Published Dec 5

    This is the second of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for year-end 2019. Part I, published on AgFuse in November of 2019, focused on planning opportunities for farmers with higher than expected earnings in 2019 while Part II focuses on tax planning opportunities for farmers with lower than expected current year performance. Farmers tend to think that tax planning opportunities are only available in high-income years or when they close on a big transaction (selling your property, selling a large amount of stock for a capital gain, etc). However, just as tax planning is essential in those situations, it is also critical to consider tax planning strategies during a down year. One of the major goals in this scenario is to avoid a tax loss for the year because the new loss rules in effect for farmers are much different than they were before the passage of the Tax Cuts and Jobs Act of 2017...

    Categories: Ag Issues in Washington, Agribusiness

    Key Agriculture Tax Planning Strategies for Year End 2019 – Part 1

    By Tyler Davis

    Published Nov 1

    This is the first of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for farmers and agriculture businesses for year-end 2019. Part I focuses on when a farming taxpayer has higher than expected earnings in 2019 while Part II, which was published on AgFuse. com in early December 2019, focuses on tax planning opportunities when a farmer has lower than expected current year performance. When considering tax planning opportunities for year-end 2019, taxpayers should first take a step back and analyze their current year performance. Were your current year earnings higher than expected, or were they lower than expected? How did your crop perform this year relative to prior years? Did you have any unexpected or non-recurring gains or losses during the year? These are all great questions to be asking your CPA as you move into these critical final two months of 2019...

    Categories: Ag Issues in Washington, Agribusiness

    The Tax Benefits of Conservation Easements

    By Tyler Davis

    Published Oct 6

    Conservation easements have grown in popularity in recent years, partly due to the impactful tax benefits available to the donor. A conservation easement is a restriction on the use of land, voluntarily granted by the landowner to a conservation organization or to a government sponsored entity. The general rule for permanent conservation easement donations is that the property owner can take a charitable contribution tax deduction on their return for the difference in the fair market value of the land before the conservation easement and after the conservation easement. Currently, the donor can take a conservation easement charitable deduction of up to 50% of their taxable income in a given year. Should the value of the conservation easement charitable deduction exceed this taxable income threshold in the first year (because of lower than expected earnings or simply because of the size of the deduction), the taxpayer can use the remaining deduction over a fifteen-year carryforward period (no carryback is allowed and the same 50% taxable income limit applies during the carryforward period)...

    Categories: Ag Issues in Washington, Agribusiness

    Top 10 Accounting & Tax Benefits for Farmers & Farming Businesses

    By Tyler Davis

    Published Sep 11

    Farmers and Agribusiness Companies are granted certain tax breaks and industry-specific deductions from the IRS. The service understands both the complexities and constraints of farmers as well as their essential role in our nation's economy. I have listed out the top ten most important tax benefits, accounting methods, and tax deductions related to farmers. 1. Farms with less than $25 Million of Average Gross Receipts can use the Cash Basis of AccountingCompanies, including farms, with less than $25 million in average annual gross receipts for the past three years, can elect to use either the cash or accrual method of accounting...

    Categories: Ag Issues in Washington, Agribusiness

    1031 Exchanges and Farm Land: 5 Things that Landowners Need to Know

    By Tyler Davis

    Published Aug 2

    A 1031 Exchange is a tax-deferred swap program in which farmers and others in the agriculture industry can participate. Farmland, vacant land, and certain agriculture assets are considered real estate assets under the Internal Revenue Code. As much, farmers and others are able to utilize Internal Revenue Code (IRC) Section 1031 in order to defer tax upon the disposition of farmland and acquisition of a “like-kind” piece of property. Section 1031 exchanges, which originally began in the 1920’s, have seen numerous tweaks and changes over the years to get us to the rules that are in place today. IRC Section 1031 allows a taxpayer to defer (not avoid) capital gains taxes realized upon the disposition of a property if the taxpayer replaces the property with a “like-kind” asset of equal or higher value...

    Categories: Ag Issues in Washington, Agribusiness

    Ag Health and Safety Alliance

    By David Sullivan Ag Safety

    Published May 3

    We are an international nonprofit organization, registered in the US and Canada, that focuses on health and safety for the next generation of agriculture We collect this data via a survey completed by students. With our international standardized survey we can now compare students from US, Canada, Australia, Denmark and Sweden. Doing our part to help protect the most noble industry on this planet. ...

    Categories: Ag Issues in Washington, Agribusiness

    The Opportunity in Opportunity Zones

    By Benjamin Pezzillo

    Published Feb 28

    By now you have probably heard about Qualified Opportunity Zones. But did you know QOZs are not limited to the urban core?QOZs were chosen by local and state officials out of each individual state's Low Income Census Tracts. Each state's lists was submitted to the federal government for review and approval. California's approved list was released in Q2 2018. So what are the benefits of investing capital gains in property in a QOZ?-- Deferral of Capital Gains Tax owed-- Elimination of Capital Gains Tax liability on future Capital Gains from the investment in a QOZSo what's the catch?-- The subject property must be located within a Qualified Opportunity Zone (QOZ)-- Ownership of the property must transfer to a special purpose vehicle called a Qualified Opportunity Zone Fund-- The original property owner may be limited in the equity they can hold in the QOZ project-- To maintain QOZ status, the project must make substantial improvements to the property within 30 months of acquisition by the QOZ Fund-- Substantial improvements must be equal to or greater than the cost basis for the subject property-- For maximum Capital Gains Tax shelter, the QOZ Project must operate for 10 years and one dayGot questions or want to know if your property is located in a QOZ? I am happy to chat...

    Categories: Ag Issues in Washington, Agribusiness

    Will Changes in Trade and Low Commodity Prices Bring 1980 2.0?

    By Kayla Hedrick

    Published Aug 28, 2018

    The average age of a farmer in the United States today is over 58 years. It’s a well-used stat, one often cited with concern over transitions in U. S. farm ownership. However, the aging farmer population may actually benefit agriculture in the near term as we approach what many suggest will be another farm crisis reminiscent of the last major crisis in the 1980s...

    Categories: Ag Issues in Washington, Corn, Soybeans

    Farmers Push for Trade, Not Aid

    By Kayla Hedrick

    Published Aug 3, 2018

    While the Chinese retaliatory tariffs and the resulting implications have been discussed among agriculture circles for months, perhaps the news that has caused the most conversation among farmers and the general public is the $12 billion aid package announced by President Trump in late July. What’s often missing in the conversation is that the $12 billion will not all come in the form of direct payments to farmers, nor go to one specific commodity. The package does, in fact, include direct payments to seven crops; but it also includes purchase of foods (fruits, nuts, meat, dairy) for food banks and nutrition programs and trade promotion to develop new markets. Most farmer organizations have thanked the administration for the support, but noted that it is merely a band aid for a hemorrhaging market. For example, a mid-sized, 1,000-acre soybean farmer may receive a $10,000 direct payment from the USDA, but – depending on how he or she marketed their grain – they could have already lost $100,000...

    Categories: Ag Issues in Washington, Agribusiness, Soybeans

  • No Infographics Found
  • Posted By Dairy Farming
    4 hours ago

    https://www.farmprogress.com/dairy/usda-extends-dmc-deadline

    Posted By Ag Policy
    4 hours ago

    https://www.ag.ndsu.edu/news/newsreleases/2019/dec-2-2019/arc-ic-could-be-an-option-for-2019

    Posted By Ag Policy
    Dec 10

    https://www.agriculture.com/news/farm-labor-reform-bill-heads-for-house-vote-this-week

    Posted By Ag Policy
    Dec 9

    https://www.farmprogress.com/trade/7-trade-missions-planned-2020

    Posted By Ag Policy
    Dec 6

    https://www.dtnpf.com/agriculture/web/ag/news/article/2019/12/06/chinese-officials-agree-waive-pork

    Posted By Tyler Davis
    Dec 5

    https://agfuse.com/article/tax-agriculture-tax-planning-strategies-for-year-end-2019-part-2

    Posted By Sam Carter
    Oct 18

    https://agfax.com/2019/10/15/usda-opens-2020-enrollment-for-arc-plc-programs/

    Posted By Tyler Davis
    Nov 1

    https://agfuse.com/article/key-agriculture-tax-planning-strategies-for-year-end-2019-part-1

    Posted By Tyler Davis
    Oct 6

    https://agfuse.com/article/the-tax-benefits-of-conservation-easements

    Posted By Tyler Davis
    Sep 11

    https://agfuse.com/article/top-10-accounting-amp-tax-benefits-for-farmers-amp-farming-businesses

    Posted By Tyler Davis
    Aug 2

    https://agfuse.com/article/1031-exchanges-and-farm-land-5-things-that-landowners-need-to-know
    https://agfuse.com/article/ag-health-and-safety-alliance

    Posted By Benjamin Pezzillo
    Feb 28

    https://agfuse.com/article/the-opportunity-in-opportunity-zones

    Posted By Kayla Hedrick
    Sep 18, 2018

    https://agfuse.com/article/will-changes-in-trade-and-low-commodity-prices-bring-1980-2-0-

    Posted By Kayla Hedrick
    Aug 4, 2018

    https://agfuse.com/article/farmers-push-for-trade-not-aid